SenseTime, a Chinese AI firm, has reportedly implemented workforce reductions across multiple divisions. Employees impacted by this decision have been given a week to leave. This is the company’s second significant downsizing in under a year.
In April, SenseTime made a significant move by introducing SenseNova, a direct contender to the ChatGPT platform. SenseTime, a company listed on the Hong Kong stock exchange, continues to grapple with the limitations imposed by US sanctions, making its journey towards profitability a continued challenge. This struggle is evidenced by a financial record showing cumulative losses surpassing RMB 40 billion over the last five years.
As the year 2022 drew to a close, a discernible decrease of over 1,000 staff members was observed compared to the previous year. This marked a notable drop of approximately 16.6 per cent in the employee count, signifying a period of contraction for the company.
As reported by the local media source Caixin on 28 August 2023, the smart city division within the company has undergone a staff reduction of approximately 10 to 15 per cent. This development occurs within the context of a competitive race among local technology companies to create and introduce their own extensive language models.
Value our content... contribute towards our growth. Even a small contribution a month would be of great help for us.
Since eight years, we have been serving the industry through daily news and stories. Our content is free for all and we plan to keep it that way.
Support HRKatha. Pay Here (All it takes is a minute)
